Required:

Assuming that all sales were on account, calculate the following risk ratios for 2018. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.)

The following income statement and balance sheets for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $2,986,000 1940,000 Gross profit 1,046,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 5848,000 22,000 7,000 10,000 38,000 Total expenses 925,000 Net income 5 121,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 Inventory Prepaid rent Investment in bonds Equipment Long-term assets 95,000 200,000 260,000 (54,000) 230,000 200,000 (32,000) Less: Accumulated depreciation Total assets $854,000 S711,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable S 56,000 4.000 0,000 $ 71,000 2,000 13,000 Long-term liabilities Notes payable 275,000 215,000 Stockholders equity Common stock Retained eamings 290,000 219,000 290,000 120,800 Total liabilities and stockholders' equity $854,000 $711,800 Required Assuming that all sales were on account, calculate the following risk ratios for 2018. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio 2. Average collection period 3. Inventory turnover ratio 4. Average days in inventory 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio 8 Times interest earned ratio imes days times days to 1 times